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 & (1) & (2) & (3) & (4) & (5) & (6) \\
VARIABLES & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & inv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w \\ \hline
 &  &  &  &  &  &  \\
share5 & -1.366*** & -1.382*** & -1.171*** & -0.469*** & -0.508*** & -0.297* \\
 & (0.112) & (0.113) & (0.133) & (0.132) & (0.137) & (0.146) \\
Constant & 1.221*** & 1.221*** & 1.221*** & 1.215*** & 1.203*** & 1.215*** \\
 & (0.00548) & (0.00118) & (0.000831) & (0.00264) & (0.00631) & (9.99e-05) \\
 &  &  &  &  &  &  \\
Observations & 9,089,750 & 9,089,750 & 9,089,747 & 9,039,476 & 9,039,476 & 9,039,473 \\
R-squared & 0.000 & 0.001 & 0.385 & 0.768 & 0.768 & 0.773 \\
Firm FE & No & No & Yes & Yes & Yes & No \\
Year FE & No & Yes & No & No & Yes & No \\
Cluster & Firm Year & Firm Year & Firm Year & Firm Year & Firm Year & Firm Year \\
 Sector*Year FE &  &  & Yes &  &  & Yes \\ \hline
\multicolumn{7}{c}{ Robust standard errors in parentheses} \\
\multicolumn{7}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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